REG - Hiscox Ltd - Director/PDMR Shareholding
30/05/2023 16:15
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RNS Number : 0653B Hiscox Ltd 30 May 2023
Hiscox Ltd
(the 'Company')
Notification of transactions by Persons Discharging Managerial
Responsibilities ('PDMR')
Hamilton, Bermuda (30 May 2023) - On 23 May 2023 awards ("Awards") were made
to Executive Directors pursuant to the Company's Performance Share Plan
("Performance Share Plan"), to acquire ordinary 6.5p shares ("Shares") in the
Company.
The Awards granted to the Executive Directors are subject to performance
conditions measured over the three financial years from 1 January 2023 to 31
December 2026.
The performance measures for the Executive Directors will be as set out in the
annual report on remuneration in the Annual Report, with 50% of the awards
based net asset value (NAV) plus dividends targets averaged over the three
performance years, and 50% based on relative total shareholder return (TSR)
against a group of the Company's closest listed peers.
The performance conditions for NAV plus dividends-related element of the
Awards are measured against the growth in NAV plus dividends, on a per share
basis, and will not vest if the growth in NAV plus dividends per share is less
than $0.43 per annum. 20% of the award will vest if the growth in NAV plus
dividends per share is equal to $0.43 per annum, rising on a straight-line
basis up to a maximum of 100% vesting if the growth in NAV plus dividends per
share is equal to or exceeds $1.28 per annum.
The performance conditions for the TSR-related element of the Awards are
measured against relative TSR. The relative TSR condition assesses the
Company's share price and dividend performance relative to that of the
comparator group of companies made up of the Company's closest listed peers
over the three year performance period. 20% of the award will vest if
performance is at the median, rising on a straight-line basis up to a maximum
of 100% if the performance is in the upper quartile based on ranking.
Subject to the satisfaction of the performance conditions, Awards will vest on
15 May 2026. The Awards granted to the Executive Directors are subject to a
further two year holding period.
Details of the number of Shares over which Awards were granted are set out in
the table below.
HA Hussain 168,269
J Musselle 106,009
P Cooper 106,009
The Awards were granted from Bermuda.
The notifications set out below are made in accordance with the UK version of
the EU Market Abuse Regulation (2014/596/EU) which is part of UK law by virtue
of the European Union (Withdrawal) Act 2018.
Marc Wetherhill
Company Secretary
Hiscox Ltd
+ 1 441 278 8300
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Hamayou Akbar (Aki) Hussein
2 Reason for the notification
a) Position/status PDMR - Group Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Hiscox Ltd
b) LEI 5493007JXOLJ0QCY2D70
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument
Ordinary Shares of 6.5p each
Identification code
ISIN: BMG4593F1389
b) Nature of the transaction Grant of performance-based award over shares under the Company's Performance
Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
nil 168,269
d) Aggregated information
Aggregated Volume Aggregated Price Total Price
- Aggregated volume 168,269 nil nil
- Price
e) Date of the transaction 2023-05-23
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Aggregated Volume Aggregated Price Total Price
168,269 nil nil
e)
Date of the transaction
2023-05-23
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Joanne Musselle
2 Reason for the notification
a) Position/status PDMR - Group Chief Underwriting Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Hiscox Ltd
b) LEI 5493007JXOLJ0QCY2D70
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument
Ordinary Shares of 6.5p each
Identification code
ISIN: BMG4593F1389
b) Nature of the transaction Grant of performance-based award over shares under the Company's Performance
Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
nil 106,009
d) Aggregated information
Aggregated Volume Aggregated Price Total Price
- Aggregated volume 106,009 nil nil
- Price
e) Date of the transaction 2023-05-23
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Aggregated Volume Aggregated Price Total Price
106,009 nil nil
e)
Date of the transaction
2023-05-23
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Paul Cooper
2 Reason for the notification
a) Position/status PDMR - Group Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Hiscox Ltd
b) LEI 5493007JXOLJ0QCY2D70
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument
Ordinary Shares of 6.5p each
Identification code
ISIN: BMG4593F1389
b) Nature of the transaction Grant of performance-based award over shares under the Company's Performance
Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
nil 106,009
d) Aggregated information
Aggregated Volume Aggregated Price Total Price
- Aggregated volume 106,009 nil nil
- Price
e) Date of the transaction 2023-05-23
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
Aggregated Volume Aggregated Price Total Price
106,009 nil nil
e)
Date of the transaction
2023-05-23
f)
Place of the transaction
Outside a trading venue
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